3RD-QUARTER EARNINGS ARE UP FOR MRV REVENUES TO TOP $50 MILLION.Byline: Evan Pondel Staff Writer CHATSWORTH - MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. Inc. expects third-quarter revenues will exceed $50 million, the optical components maker said Wednesday, providing a glimmer of a rebound in an otherwise slumping sector. ``There's a lot of earnings disappointments and for this type of news to happen, it's very positive,'' said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp. The Chatsworth-based company previously expected third-quarter revenue between $43 million and $47 million and increased those projections July 30 to the $46 million to $50 million range. MRV MRV minute respiratory volume. couldn't comment directly on the expectations due to a companywide ``quiet period'' initiated two weeks before the release of quarterly results. However, Diana Hayden Diana Hayden (born 1973) is a model from Hyderabad, India. She first came to attention when she represented India at the 1997 Miss World pageant. She became a known face when at 24 she won the crown. She became the third Indian woman to win the Miss World pageant. , a spokeswoman for MRV, said the company was able to raise expectations as a result of a broad customer base. ``The reason why we are perhaps beating expectations is showing we have diversification in our product line ... and we have a very strong international base,'' Hayden said. After the announcement, MRV shares gained 92 cents, or 33.2 percent, to close at $3.68 on the Nasdaq, down 93 percent from its 52-week high of $52.06. The positive outlook helps the company move beyond its steep declines and the death of its chief financial officer, Edmund Glazer, 41, who was aboard one of the jets that crashed into the World Trade Center on Sept. 11. Glazer was succeeded by Shay shay n. Informal A chaise. [Back-formation from chaise (taken as pl. )] Noun 1. Gonen, 36, former chief financial officer of Optical Access, a subsidiary of MRV Communications. ``It's hard to explain grieving grieving Mourning, see there . Everything feels likes it's falling apart at the seams, especially when the industry is,'' Hayden said. Glazer was on his way to Los Angeles to complete the acquisition of Chatsworth-based Luminent. Though the deal was halted in the wake of the terrorist attacks, MRV is now moving ahead with the acquisition of shares it does not already own in Luminent, Hayden said. Currently, MRV owns 92.3 percent of Luminent. ``We want to carry out what Edmund was coming to Los Angeles for. If we don't carry out the plan, we're letting chaos take over,'' Hayden said. For each outstanding share of Luminent stock, shareholders will receive 0.43 of an MRV share. Known as a short-form merger, the move does not require shareholder approval. Hayden said the transaction has already been submitted to the Securities Exchange Commission and could take anywhere from 30 to 60 days to complete. Although the market's downward inertia inertia (ĭnûr`shə), in physics, the resistance of a body to any alteration in its state of motion, i.e., the resistance of a body at rest to being set in motion or of a body in motion to any change of speed or change in direction of hurt MRV severely in previous quarters, the company hopes its acquisition of Luminent will bolster the company's performance. CAPTION(S): chart Chart: MRV COMMUNICATIONS |
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